KCEIL
Kay Cee financials
- Market cap
- ₹96 Cr
- Sector
- Construction
- Calls analysed
- 2
Kay Cee Q4 FY26
What went well
- Stable financial performance in FY26 with a PAT margin of 11.34% and EBITDA margin of 19.96%.
- Robust unexecuted order book of ₹481 crores provides revenue visibility for the next 12-18 months.
- No net debt increment during the whole year, indicating prudent financial management.
What to watch
- H2 FY26 revenue declined by 28.45% YoY to ₹81.57 crores, primarily due to ₹50-60 crores of material stuck from geopolitical disruptions.
- Significant delays in tender finalization from the Rajasthan government, impacting order inflow from the state.
What Kay Cee does
Kay Cee Energy & Infra is an ISO 9001:2015-certified Engineering, Procurement and Construction (EPC) company serving India's power transmission and distribution sector. It designs, procures, erects, tests and commissions overhead transmission lines, underground electric transmission lines, monopole-based lines, and EHV substations (switchyards, RTU, C&R and SCADA/automation panels), and also runs operation & maintenance contracts on substations and EHV lines, including deploying Emergency Restoration Systems (ERS) for breakdown restoration. It executes projects for state/central power utilities such as RRVPNL, PGCIL, Indian Railways and RVNL as well as private clients like Wonder Cement, H G Infra Engineering and Gawar Construction, and is setting up backward-integrated manufacturing for hardware, connectors, panels and structures used in its own EPC projects.
Segments
- Overhead transmission lines
- Underground electric transmission lines
- Transmission lines using monopoles
- EHV substations
- Emergency Restoration System (ERS)
- EPC track record in power transmission
- 27+ years
- Voltage range served (EHV transmission lines)
- 132 kV to 765 kV
- Substation / EHV-line O&M capability
- Substations up to 400 kV; EHV line O&M/ERS up to 765 kV
- Independent project execution capacity
- Up to ₹200 crore per project
- Backward-integration manufacturing plants (under development)
- 2 (Kota, Rajasthan)
- ISO certification
- ISO 9001:2015
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 1 delivered 4 missed 6 open- EBITDA Margin delivered said Q4 FY25 Promised: >18% Q4 FY26: Achieved an EBITDA margin of 19.96% for FY26, successfully meeting the >18% target.
- Turnover missed said Q4 FY25 Promised: ₹275-300 crores Q4 FY26: Achieved FY26 revenue of ₹165.59 crores, significantly missing the target of ₹275-300 crores. Management cited a ₹50-60 crore revenue deferral due to geopolitical disruptions, but even accounting for this, the target was not met.
- Manufacturing Facility Start delayed said Q4 FY25 Promised: FY25 Q4 FY26: The facility was not commissioned by the revised 'Before March 2026' deadline. The timeline has been further delayed to December 2026, with management citing changing market norms.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 102.5%, net profit up 150.0% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 47 | 24 | 40 | 38 +171% | 115 +145% | 83 +246% | 81 +102% |
| EBITDA | 3 | 7 | 6 | 7 | 8 +167% | 19 +171% | 15 +150% | 16 +129% |
| Net profit | 1 | 4 | 3 | 4 | 5 +400% | 12 +200% | 9 +200% | 10 +150% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −64.5% 1Y
1Y: ₹214.35 on 10 Sept 2025 → ₹76.05. High ₹258.75 (10 Oct 2025), low ₹75.85 (20 Aug 2026).
How the price took the results
close before → close after
- Q4 FY26
- −5.0%
- 16 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹11 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹13 Cr | ₹16 Cr | ₹22 Cr | ₹34 Cr | ₹81 Cr | ₹91 Cr |
| Borrowings | ₹3 Cr | ₹6 Cr | ₹23 Cr | ₹26 Cr | ₹55 Cr | ₹75 Cr |
| Other liabilities | ₹22 Cr | ₹41 Cr | ₹35 Cr | ₹34 Cr | ₹56 Cr | ₹60 Cr |
| Total liabilities | ₹38 Cr | ₹64 Cr | ₹80 Cr | ₹105 Cr | ₹205 Cr | ₹238 Cr |
| Fixed assets | ₹1 Cr | ₹16 Cr | ₹15 Cr | ₹17 Cr | ₹20 Cr | ₹20 Cr |
| Capital work in progress | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹36 Cr | ₹45 Cr | ₹62 Cr | ₹86 Cr | ₹183 Cr | ₹217 Cr |
| Total assets | ₹38 Cr | ₹64 Cr | ₹80 Cr | ₹105 Cr | ₹205 Cr | ₹238 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Apr 2025, the public added +10.47 pp while DIIs trimmed −9.99 pp. The shareholder count grew 28% to 2,487.
- Promoters
- 63.4%
- DIIs
- 1.8%
- Public
- 34.8%
Since Apr 2025
- Public +10.47 pp
- DIIs −9.99 pp
- FIIs −0.81 pp
How it drifted, 6 quarters
Over this window promoters fell from 70.3% to 63.4% — −6.8 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 70.3%, DIIs 1.4%, Public 28.3%.Sep '24: Promoters 70.4%, DIIs 0.3%, Public 29.3%.Mar '25: Promoters 70.3%, FIIs 0.0%, DIIs 2.5%, Public 27.1%.Apr '25: Promoters 63.1%, FIIs 0.8%, DIIs 11.8%, Public 24.3%.Sep '25: Promoters 63.1%, DIIs 2.3%, Public 34.6%.Mar '26: Promoters 63.4%, DIIs 1.8%, Public 34.8%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Lokendra Jain +0.29 pp 62.28% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Kay Cee above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Lokendra Jain | 62.28% | +0.29 pp |
| Shalini Jain | 0.89% | unchanged |
| Kanak Jain | 0.13% | unchanged |
| Kusum Lata Jain | 0.12% | unchanged |
| Purvika Jain | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Kay Cee
Guides on how to read this kind of business and the numbers that matter.